ArmInfo. GeoProMining Gold starts fractional extraction of ore by underground mining ArmInfo.GeoProMining Gold, which develops the Sotk Gold Mine and the Ararat Gold Extraction Plant, closed the year of 2021 according to the production schedule.
Currently, the Company continues to work on technical projects aimed at reorganizing the work of the quarry. As the press service of the company told ArmInfo, the company is technically and logistically changing the design of the mine, and is also conducting additional exploration at the mine to continue extraction of ore.
In general, the feasibility study of the underground development of the mine is estimated at 20 million US dollars. In 2021, the Company allocated $5 million on the reorganization process of the mine, and this year it is planned to allocate about $10 million for these purposes. The company managed to maintain production volumes and ensure planned transportation by rail.
The gold content at the mine remains at an average level of 3-4 grams per ton of sulfide ores and 1-1.5 grams per ton of gabbro massif. Currently, the company employs 1350 people, of which 792 people work at the Sotk Gold Mine and 496 employees at the Ararat Gold Extraction Plant. In 2021, GeoProMining Gold paid almost 21 billion drams to the state budget of the Republic of Armenia, taking the fifth place in the list of the largest taxpayers of the republic.
